I have an array of questions related to my situation:
I am 19 years old and getting married in about 6 months. My parents were always very conscious of money, and always emphasized the importance of being a hard worker and saver. As such, I have around 23,000 dollars in savings. My fiance has about 6,000 in student loans right now, some of them subsidized. I make enough money that we don't need the money in my savings account to pay our bills.
First, how much money is a good amount for us to keep free in our savings account as a safety net if he won't be done with college for two years and therefore will be amassing more debt than income? 5,000?
Secondly, should we pay off his student loans before investing? The subsidized loans won't be gaining any interest until he graduates so I was wondering if we should just pay off the unsubsidized loans and keep the subsidized ones for the next two years?
If we were to keep 5,000 in savings and pay of the 3,000 of unsubsidized loans as I described above, that would leave us with about 15,000 dollars that is just lying around in my savings account. How should I invest this? Would you recommend high risk or low risk investments?
Thank you for any insight you can give to my situation.
EDIT: I make around 2500 per month working full time. I will hopefully be getting a raise soon. We both know how to program and will be potentially making websites together as an additional source of income should we need it. We are both pretty conservative with our spending and have budgeted our monthly income out to save about 500 dollars per month.